{"id":931348,"date":"2021-05-03T16:41:54","date_gmt":"2021-05-03T15:41:54","guid":{"rendered":"https:\/\/serra.immo\/?p=931348"},"modified":"2024-12-23T16:35:01","modified_gmt":"2024-12-23T15:35:01","slug":"sign-an-earnest-money-contract","status":"publish","type":"post","link":"https:\/\/www.serra.immo\/en\/firmar-un-contrato-de-arras\/","title":{"rendered":"What do I need to know before signing a deposit contract?"},"content":{"rendered":"<h2><strong>What is an earnest money contract and what is it for?<\/strong><\/h2>\n<p>He <strong>earnest money contract<\/strong> It is a private agreement between buyer and seller that works as a pre-contract of sale. This commitment ensures that both parties agree to carry out the future transaction of the property. Generally, the buyer delivers an advance financial amount (normally the <strong>10% of the total value of the property<\/strong>) to reserve their right to the property. The main purpose of this contract is to ensure that the terms of the agreement are respected and to establish a solid basis for the formalisation of the sale.<\/p>\n<h2><strong>Types of deposits in the real estate sector<\/strong><\/h2>\n<p>There are three main types of deposits that can be agreed upon in a real estate purchase and sale contract. Each type has specific characteristics and is chosen according to the needs and intentions of the parties involved.<\/p>\n<h3><strong>1. Confirmatory deposit<\/strong><\/h3>\n<ul>\n<li>These deposits confirm the existence of the sales contract.<\/li>\n<li>They materialize with an advance payment from the buyer to the seller, which forms part of the total transaction price.<\/li>\n<li><strong>They do not authorize to withdraw from the contract<\/strong>, since its function is exclusively to confirm the agreement.<\/li>\n<li>Although they are less common, they can be used in certain cases where penalties are not sought.<\/li>\n<\/ul>\n<h3><strong>2. Penitential pledges<\/strong><\/h3>\n<ul>\n<li>They allow either party to withdraw from the contract lawfully and without having to justify damages.<\/li>\n<li>If the buyer withdraws, he loses the deposit paid. If the seller does so, he must return double the amount received.<\/li>\n<li>These deposits are the most common in the real estate sector, regulated by the <strong>Article 1454 of the Civil Code<\/strong>.<\/li>\n<\/ul>\n<h3><strong>3. Penalty deposit<\/strong><\/h3>\n<ul>\n<li>They are based on a penalty clause that allows for a claim to enforce the contract or compensation in the event of non-compliance.<\/li>\n<li><strong>They do not represent an advance on the purchase price.<\/strong>, but they allow claims for damages, interest and execution of the contract.<\/li>\n<\/ul>\n<h2><strong>What information should an earnest money contract include?<\/strong><\/h2>\n<p>An earnest money contract must contain certain key elements to ensure its validity and protection for both parties:<\/p>\n<ol>\n<li><strong>Personal data<\/strong> of the buyer and seller.<\/li>\n<li><strong>Property description<\/strong>, including key features.<\/li>\n<li><strong>Purchase and sale price<\/strong> and agreed payment method.<\/li>\n<li><strong>Amount of the deposit or economic advance<\/strong>.<\/li>\n<li><strong>Maximum period for formalizing the deed of sale.<\/strong><\/li>\n<li><strong>Commitment to sign before a notary.<\/strong><\/li>\n<li><strong>Distribution of expenses associated with the purchase and sale.<\/strong><\/li>\n<li><strong>Penalties in case of contract cancellation<\/strong> by either party.<\/li>\n<li><strong>Signature of both parties<\/strong>.<\/li>\n<\/ol>\n<h2><strong>Legal aspects of current interest<\/strong><\/h2>\n<p>Since the implementation of the <strong>Article 621.49 of the Civil Code of Catalonia<\/strong>, there is a new regulation that protects the buyer in case of refusal of a mortgage by the bank. According to this law, if the bank does not grant the financing, the seller must return the deposit. <strong>without applying any penalty<\/strong>.<\/p>\n<h2><strong>Find your ideal home with Serra<\/strong><\/h2>\n<p>If you are thinking about buying a home and need advice, in <a href=\"https:\/\/www.serra.immo\/en\/\" target=\"_new\" rel=\"noopener\"><strong>Serra Real Estate Group<\/strong><\/a> We help you every step of the way. Find out more about <strong>500 properties for sale<\/strong> on our website or visit one of our offices:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.serra.immo\/en\/real-estate-serra-vilanova-and-the-central-geltru\/\" target=\"_new\" rel=\"noopener\"><strong>Head Office in Vilanova i la Geltr\u00fa<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/www.serra.immo\/en\/serra-sitges-real-estate-agency\/\" target=\"_new\" rel=\"noopener\"><strong>Office in Sitges<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/www.serra.immo\/en\/real-estate-serra-vilafranca\/\" target=\"_new\" rel=\"noopener\"><strong>Office in Vilafranca del Pened\u00e8s<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/www.serra.immo\/en\/real-estate-serra-sant-pere-de-ribes\/\" target=\"_new\" rel=\"noopener\"><strong>Office in Sant Pere de Ribes<\/strong><\/a><\/li>\n<\/ul>\n<p>For more information, contact us by filling out our <a href=\"https:\/\/www.serra.immo\/en\/contact-us\/\" target=\"_new\" rel=\"noopener\"><strong>contact form<\/strong><\/a> or by sending us an email to <a rel=\"noopener\">info@serra.immo<\/a>We are here to help you find your ideal home.<\/p>","protected":false},"excerpt":{"rendered":"<p>\u00bfQu\u00e9 es y para qu\u00e9 sirve un contrato de arras? El contrato de arras es un acuerdo privado entre comprador y vendedor que funciona como un precontrato de compraventa. Este compromiso asegura que ambas partes se comprometen a llevar a cabo la transacci\u00f3n futura del inmueble. Por lo general, el comprador entrega una cantidad econ\u00f3mica [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":1191344,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[283],"tags":[],"class_list":["post-931348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-serra"],"_links":{"self":[{"href":"https:\/\/www.serra.immo\/en\/wp-json\/wp\/v2\/posts\/931348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.serra.immo\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.serra.immo\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.serra.immo\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.serra.immo\/en\/wp-json\/wp\/v2\/comments?post=931348"}],"version-history":[{"count":3,"href":"https:\/\/www.serra.immo\/en\/wp-json\/wp\/v2\/posts\/931348\/revisions"}],"predecessor-version":[{"id":1225699,"href":"https:\/\/www.serra.immo\/en\/wp-json\/wp\/v2\/posts\/931348\/revisions\/1225699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.serra.immo\/en\/wp-json\/wp\/v2\/media\/1191344"}],"wp:attachment":[{"href":"https:\/\/www.serra.immo\/en\/wp-json\/wp\/v2\/media?parent=931348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.serra.immo\/en\/wp-json\/wp\/v2\/categories?post=931348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.serra.immo\/en\/wp-json\/wp\/v2\/tags?post=931348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}